BlackRock to manage superfund

BlackRock, an asset manager, is expected to look after the planned $75 billion structured products superfund, set up to ease money market illiquidity.

Citigroup, Bank of America and JPMorgan Chase, the three banks behind the much-maligned project, will welcome the involvement of Black Rock, which is part-owned by investment bank Merrill Lynch, in the fund.

The asset manager's reputation will give the superfund idea added credibility in the face of scepticism from both investors and banks that